Foundation Of The Minnesota Medical Association
- Assets
- $2.0m
- Revenue
- $179.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 08/1961
- Data as of
- 12/2022
- EIN
- 41-6031551
Organization Overview
Foundation Of The Minnesota Medical Association is located in Minneapolis, MN. The organization was established in 1961. According to its NTEE Classification (G12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation Of The Minnesota Medical Association is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Foundation Of The Minnesota Medical Association generated $179.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $105.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (10.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVE ACCESS TO HIGH-QUALITY HEALTH CARE AND TO PROVIDE SCHOLARSHIPS TO MEDICAL STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MMA FOUNDATION SUPPORTS THE MISSION OF THE MMA TO MAKE MINNESOTA THE HEALTHIEST STATE AND BEST PLACE TO PRACTICE. IT DEVELOPS AND PROMOTES INITIATIVES TO ACCOMPLISH ITS VISION OF PHYSICIANS LEADING EFFORTS TO ADVANCE OPTIMAL HEALTH AND HEALTH EQUITY FOR EACH INDIVIDUAL AND ALL COMMUNITIES. IN 2022, THE FOUNDATION AWARDED TWO COMMUNITY HEALTH GRANTS. ONE OF THESE COMMUNITY HEALTH GRANTS FUNDED AN EVIDENCE-BASED, INTERPROFESSIONAL, AND MULTIDISCIPLINARY TRAINING PROGRAM TO EQUIP RURAL MATERNITY CARE TEAMS WITH SKILLS TO EFFECTIVELY MANAGE OBSTETRIC EMERGENCIES, WHILE THE SECOND FUNDED A WOUND CARE CLINIC AT A SHELTER FOR UNHOUSED INDIVIDUALS IN THE DULUTH AREA. THE FOUNDATION ALSO CONTINUED ITS SUPPORT FOR MEDICAL STUDENTS, RESIDENTS, AND FELLOWS BY PROVIDING SCHOLARSHIPS FOR THEIR COMMUNITY SERVICE AND RESEARCH. IN 2022, THE FOUNDATION DELIVERED $14,500 IN SCHOLARSHIP GRANTS.IN 2022, THE FOUNDATION CONTINUED ITS SUICIDE PREVENTION INITIATIVE BY FUNDING PHYSICIAN-LED TRAINING IN COUNSELING ON ACCESS TO LETHAL MEANS AND QUESTION-PERSUADE-REFER SUICIDE PREVENTION GATEKEEPER TRAINING TO MEDICAL ASSOCIATION MEMBERS ACROSS MINNESOTA.IN THE PAST YEAR, THE FOUNDATION ALSO SUPPORTED ITS PHYSICIAN VOLUNTEERISM PROGRAM, WHICH IS A RESOURCE THAT IDENTIFIES VOLUNTEER OPPORTUNITIES SPECIFICALLY FOR PHYSICIANS. THE PROGRAM GROWS OUT OF THE FOUNDATION'S DESIRE TO IMPROVE ACCESS TO CARE IN MEDICALLY UNDERSERVED URBAN AND RURAL COMMUNITIES AND CALLS UPON THE INTEREST IN COMMUNITY SERVICE HELD BY MOST PHYSICIANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Juan Bowen MD Past-President | Trustee | 1 | $0 |
George Schoephoerster MD President | OfficerTrustee | 1 | $0 |
Janet Silversmith Secretary | OfficerTrustee | 1 | $0 |
Stephen Palmquist MD Treasurer | OfficerTrustee | 1 | $0 |
George Lohmer Director | Trustee | 1 | $0 |
Macaran Baird MD Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $120,861 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $120,861 |
| Total Program Service Revenue | $0 |
| Investment income | $63,266 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,237 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $179,890 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
| Grants and other assistance to domestic individuals. | $2,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,155 |
| Pension plan accruals and contributions | $1,591 |
| Other employee benefits | $255 |
| Payroll taxes | $2,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,311 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $105,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $500,267 |
| Pledges and grants receivable | $34,300 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,436,659 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,971,226 |
| Accounts payable and accrued expenses | $103,106 |
| Grants payable | $0 |
| Deferred revenue | $151,897 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,200 |
| Total liabilities | $259,203 |
| Net assets without donor restrictions | $1,186,316 |
| Net assets with donor restrictions | $525,707 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,971,226 |
Grants Awarded
Over the last fiscal year, Foundation Of The Minnesota Medical Association has awarded $13,256 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OPEN YOUR HEART TO THE HUNGRY & HOMELESS PURPOSE: COVID RELIEF | $6,628 |
SECOND HARVEST HEARTLAND PURPOSE: COVID RELIEF | $6,628 |